Industry Outlook

The global medical pendant market size was valued at USD 88.65 million in 2016. It is expected to progress at a CAGR of 6.9% during the forecast period. Widening base of healthcare professionals, clinics, hospitals, and other healthcare centers is one of the key trends escalating market growth. In addition, availability of technologically advanced products and presence of favorable government initiatives worldwide is estimated to boost the growth of the market over the forecast period.

Surging demand for medical pendants from healthcare professionals to assist them in positioning various devices and other necessary objects while performing medical procedures or surgeries is anticipated to bolster the growth of the market. Medical pendants are used for locating medical equipment, terminal units, medical gas, and specialty & electrical services used in surgery, endoscopy, anesthesia, ICU procedures, and other healthcare specialties such as obstetrics & gynecology. They offer benefits such as maximization of space during procedures and improved accessibility around patient bed to deliver effective patient care, accommodation of all equipment, and facilitation of equipment management.

According to WHO, the global health workforce increased by 6.0% between 2012 and 2013. Growing awareness among healthcare professionals is likely to spur the demand for medical pendants in the near future. The Cybermetrics Lab (a research group of the Spanish National Research Council, which is a part of the Centro de Ciencias Humanas y Sociales - Consejo Superior de Investigaciones Científicas that provides quantitative analysis of the internet and web content) surveyed around 16,500 hospitals across the world in 2015. The year-on-year rise in the number of healthcare facilities, coupled with expansion in the base of health workforce across the globe, is projected to propel the market over the forecast period.

In addition, technological advancements are also poised to augment the market during the forecast period. For instance, button-press enabled medical pendants facilitates system’s arm movement as per the requirement. Similarly, medical pendants with various ultra-flexible configurations & multi-faceted designs are commercially available and are gaining traction worldwide as they are focused on fulfilling precise requirements of healthcare specialties.

Favorable government initiatives are also expected to create a suitable environment for the market to thrive. For instance, the initiative led by the Government of India to encourage indigenous manufacture of medical equipment is fostering the growth of the medical equipment industry in the country.

Product Insights

Products analyzed in this study include fixed, fixed retractable, single arm movable, double & multiarm movable, and accessories. The fixed segment is anticipated to dominate the market during the forecast period. This can be attributed to higher adoption of these devices in various surgeries, endoscopy, anesthesia, intensive care unit (ICU) procedures, and other healthcare specialties. Fixed medical pendants come with advantages such as easier fixing or installation and operation, light weight, economical costs, and higher strength.

Surging adoption of double and multiarm movable pendants in healthcare specialties is likely to work in favor of the entire market. They require optimum functionality, facilitate easier sterilization, enable multiple movements, and exhibit optimum performance, which is projected to boost the growth of the segment.

Application Insights

Medical pendants are used in hospitals, clinics, and other healthcare facilities such as life science laboratories and radiology rooms. The hospitals segment is further categorized into Operating Theatre (OT) & Recovery Room (RR), Intensive Care Unit (ICU), Emergency Room (ER), and ward. This segment is expected to dominate the medical pendant market throughout the forecast period. Hospitals generally issue an open tender for the procurement of these devices. Growing hospitalization of patients coupled with rising number of hospitals across the world is poised to contribute to the growth of the market during the forecast period.

The OT & RR segment is expected to register a higher CAGR as compared to other segments during the forecast period owing to increasing use of medical pendants in various surgeries related to skin burn, bariatric, colon & rectal, gynecological, cardiothoracic, endocrine, neuro, orthopedic, ophthalmological, thoracic, urologic, and vascular surgeries.

Regional Insights

North America was the leading region in the market in 2016, accounting for close to one third of the overall revenue. The growth of the regional market can be attributed to domicile of several key players, robust healthcare infrastructure, rising burden of critical illness, and increasing number of healthcare specialties.

Europe is also estimated to hold a prominent position in the market throughout the forecast horizon owing to soaring gastric cancer-related mortality rates, availability of technologically advanced medical pendants, presence of progressive technologies & infrastructure, and rising healthcare expenditure.

On the other hand, Asia Pacific is expected to register the highest CAGR over the forecast period as compared to other regions due to presence of favorable government initiatives for adoption of medical devices, growing geriatric population, and rising healthcare expenditure in Japan, China, India, and other Asian countries.

These players are focusing on growth strategies such as new product launches, improving product penetration, geographic expansion, and product portfolio diversification. For instance, in May 2014, Tedisel Medical launched Surgical KALEA LED lights with adjustable levels of intensity of lighting and color temperature for use in OTs and ERs.

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Segments Covered in the Report

This report forecasts revenue growth and provides an analysis on the industry trends in each of the sub segments from 2014 to 2025. For the purpose of this study, Grand View Research, Inc. has segmented the global medical pendant market report on the basis of product, application, and region: